New ADR facility could trigger increased investment in Taiwan from the U.S.

TAIPEI, Taiwan, November 10, 2010 — Unrestricted Level I American Depositary Receipt (ADR) facilities for Taiwanese companies could greatly expand overseas investment opportunities in Taiwan, says BNY Mellon. BNY Mellon believes a large number of Taiwanese companies will explore establishing such Level I ADR programs over the next 18 months.

The new structure allows Taiwanese issuers with existing Global Depositary Receipt (GDR) facilities to establish an ADR Level I Program without the need to submit an application to the Financial Supervisory Commission (FSC). BNY Mellon notes that this will provide more investment opportunities for U.S. investors to diversify their portfolios and will benefit Taiwanese issuers by broadening their shareholder base in the U.S. without stringent requirements associated with listing on a U.S. stock exchange.

The ability to provide an additional trading platform through the U.S. over-the-counter market will allow fungibility amongst exchanges, such as the Luxembourg Stock Exchange and London Stock Exchange, where most existing Taiwanese issuers traditionally list and/or trade their GDRs.

"There has always been demand from U.S. investors to invest in Taiwan ADRs, but under the existing GDR structure, investment was limited only to qualified institutional buyers or investors outside of the U.S.," said Gregory Roath, head of Asia-Pacific for BNY Mellon's Depositary Receipts business. "As the leading depositary, we have been working to bridge the gap and took the initiative to leverage our global experience and discuss the structure with FSC. This new development will give U.S. investors direct access to such Taiwanese issuers through ADRs for the first time."

"This news is a strong signal that the FSC is serious about ensuring Taiwan remains at the forefront of the world's leading financial centres and expanding the range of sophisticated investment options available to investors. We look forward to engaging Taiwanese issuers to establish Level I programs in the coming years," added Roath.

BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.

BNY Mellon (NYSE: BK) is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Learn more at www.bnymellon.com.

This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.